Monday, 20 October 2014
Last updated 9 hours ago
Jan 15 2014 | 11:31am ET
The U.S. Supreme Court has asked the Obama administration for its opinion on whether it should take up the Bernard Madoff trustee's bid to sue the arch-fraudster's banks.
Irving Picard has asked the court to overturn a lower-court ruling that barred him from suing the Ponzi schemer's banks for nearly $30 billion. The U.S. Second Circuit Court of Appeals ruled that he lacked the standing to sue on behalf of Madoff's victims; according to that court, he "stands in the shoes" of Madoff and not of Madoff's clients.
This week, the court asked U.S. Solicitor General Donald Verrilli to file a brief outlining the White House's opinion on that decision.
According to Picard, HSBC, UniCredit and UBS "are as responsible as Madoff for the enormous magnitude of customer losses." Picard was also suing JPMorgan Chase, but accepted a $543 million settlement with the bank last week, part of JPMorgan's $2.7 billion deal with the government.
The banks counter that the Second Circuit's decision was in line with precedent and therefore an "unremarkable conclusion."
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...